Despite the improvement, the deficit picture remains far worse than when Bush took office in 2001, when both White House and congressional forecasters projected cumulative surpluses of $5.6 trillion over the subsequent decade.
From The Associated press, 7/13/05:
http://news.yahoo.com/s/ap/20050713/ap_on_go_pr_wh/
budget_deficit
White House Touts Falling Budget Deficit
By ANDREW TAYLOR, Associated Press Writer
WASHINGTON -
Surging revenues and a steady economy have led the White House to project that this year's federal budget deficit will drop to $333 billion, nearly $100 billion below earlier estimates.
'We're ahead of projections now,' President Bush said Wednesday.